BATTLE: COMPANIES CONTINUE WITH RENTAL REVERSIONS SINCE COVID
The largest office landlords in the country are still making steep cuts to rentals in an effort to retain tenants. One, Burstone (previously Investec Property Fund), says negative reversions in the year to March averaged 28.5%.
Meanwhile the majors Growthpoint and Redefine, which have 1.6 million and 1 million square metres of office space respectively have been battling rental reversions in the teens, with some periods over 20%, since the shock of the Covid pandemic.
Burstone
Burstone was impacted by "renewals in Midrand at the end of a 10-year lease".
The reversion on its long-dated leases (which had been in place for more than five years) was a stunning -47.3%. This means the rental rate upon renewal would have nearly halved for these leases (likely the large Midrand property).
This story is from the June 13, 2024 edition of The Citizen.
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This story is from the June 13, 2024 edition of The Citizen.
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